Australian shares are taking a major hit today, in the worst day on the market since March. The ASX 200 plunged 1.8 per cent by the late morning. Every one of the ASX’s 11 sectors traded in the red.
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Resources have been among the hardest hit, falling almost 2.5 per cent in early trade, while the major banks are also under pressure.
The sell-off comes as oil prices push higher, with Brent crude climbing above US$101 a barrel, adding to concerns that renewed energy inflation could make it harder for central banks to cut interest rates. Against that backdrop, some individual stocks are bucking the broader market trend.
Gold miner St Barbara is one of the standout performers, surging 17.4 per cent after announcing it will sell its remaining stake in the New Simberi project to China’s Lingbao Gold Group. The deal comes as gold continues to trade at elevated levels, with the precious metal sitting around US$4,400 an ounce.
Meanwhile, DroneShield is down 2.2 per cent after announcing Rebecca Lowde as its new chief financial officer.
DroneShield also told the market its committed revenue for the current financial year has increased to $251 million, putting it within the company’s existing revenue forecast range.
Austal is also bucking the broader market weakness, climbing 5.3 per cent after gaining another 7.1 per cent on Wednesday.
The shipbuilder has been in focus after a Florida-based private investment company launched a counterbid for its US business.
Eagers Automotive is another stock in positive territory, up 2.8 per cent after entering a non-binding agreement to acquire a 50 per cent interest in Zagame Automotive Group.
Elsewhere, Nine Entertainment is down 6.6 per cent after securing a new six-year deal to keep the English Premier League on Stan Sport through to 2034.
Breville is also under pressure, down 1.2 per cent after CEO Jim Clayton sold $4.37 million worth of shares between September 3 and September 8.
GrainCorp has fallen 3.8 per cent after cutting 80 jobs and delaying part of its technology upgrade, although the company has maintained its earnings guidance. Westgold Resources is down 5.4 per cent after Macquarie cut its share price target by 5 per cent, following the company’s reduction to its earnings forecast.
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